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House Price Crash Forum


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About RET

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  1. RET


    Oxford Uni reported yesterday that they are going to build a large area of housing to rent to staff at low prices (sounds as it it'll be in wolvercote) see article We both work for the University and I have to say that housing is becoming a major issue in recruitment. Quite a few of the Colleges have had to start generous shared equity schemes to recruit and retain (well they've always had some housing help but many have increased it dramatically). I have to say that I can't see cheap rental being too attractive for many people but the situation is far better than it is for the majority o
  2. RET


    I think that Oxford is a very odd market. There are very few really nice areas to live in. The only really attractive (nice housing, broad leafy streets etc) area to live in is North Oxford (and not all of that). Yet lots of people with money (esp from London) want to move to Oxford to bring up their kids etc. This external money wants the North Oxford dream and has the money to push the prices up. This means that there is a lot of pressure on the best roads in terms of sales and price (e.g. Staverton Road). The rest of Oxford (and I live in 'the rest' of Oxford) tends to be characterised b
  3. Bedsprings - do you really think that you will still be able to BTL through a SIPP? He does say: "From 6 April 2006 SIPPs and all other forms of self-directed pensions will be prohibited from obtaining tax advantages when investing in residential property." That does sound fairly conclusive (although admittedly in the sentence before he is talking about 2nd homes and family use of property)
  4. surely this SIPPs thing is important. On PMT they are quoting him as saying: "5.63 A small part of the proposed simplification would allow all registered pension schemes to invest directly in residential property. To prevent the potential abuse of the simplification rules, where people could claim tax relief in relation to pension contributions into Self Invested Personal Pensions (SIPPs) for the purpose of funding purchases of holiday and second homes for their or their family's personal use, from 6 April 2006 SIPPs and all other forms of self-directed pensions will be prohibited from o
  5. I can see what you are saying about adjusting expectations 'homeowner'. One solution is to decide to lower your expectations on the type of place that you can buy. The other, which does seem to work at the moment, is to lower your expectations on when you can buy it. We have accidently done the latter because, for personal reasons, we have only just reached the stage when we feel settled enough about our long term future to buy where we are. Interestingly in the last 3/4 yrs we have found that the quality of what we can afford has just shot up. As a comparison, we are very good friends with
  6. Thanks for the replies. I've been wondering whether it is a 'sign of the times' too. I'm not sure whether this is something that will be used more frequently by employers. However, I'd be cautious about drawing too many conclusions. This is an extremely old (read hundreds of years) educational institution with an endowment of at least tens of millions (I think hundreds of millions) so plenty of money to invest and not too much worry over pumping a few hundred thousand here and there into an overheated housing market. They do seem to feel that they have to offer this option to attract decent s
  7. Hi there Tempest, thanks for the reply. I've not got a copy of the small print yet as am just in the process of signing contracts etc (and would take the job without this scheme). My understanding is that we would be legal owners but that there would be a trust deed stating that they own x% of the house. This means that they do take the risk of drops as well as the benefits of rises (i.e. if they buy £100K of a £400K property then they receive £125K of the sale proceeds if we sell at £500K and £75K if we sell at £300K) so we would not have a higher gearing than we would if we bought alone.
  8. I am not sure that I want to buy yet (for all the obvious reasons) but leaving that Q aside, I'd be really grateful for your thoughts on what you would do in this slightly unusual situation. I've got a new job that will be starting next year. The job is perfect and we are pretty sure that we are going to stay where we are for the long term. Job is pretty recession proof. In the past we only had short term contracts so wouldn't buy. Now we can. We are both nearly 30, have no kids but are planning them soon. We have built up a huge deposit meaning that with 2 1/2 times joint salaries plus depos
  9. RET


    Update on OX. My friends' sub-200K house within ringroad sold within 10 days of viewing. Loads of people round to see it. Not sure what % of asking but I know that they were basically waiting for the asking. I also see that shakerbaby's mate's house has sold. I feel (but cannot prove) that things are starting to pick up here esp at the low end. May be wrong and just affected by a few annecdotes though...
  10. I've been very happy renting (I've never owned) for the following reasons: 1. We're living somewhere that suits us perfectly now (city centre flat - sorry executive apartment) but won't in a couple of years time. We couldn't do that if we bought without paying lots on transaction costs 2. We've been unsure as to where we'll be long term so the felxibility of renting has meant that we can consider the future and interesting posts elsewhere without the worry of how to sell etc. 3. We've lived way below our means and saved a deposit of about 50% 4. We've no responsiblity for maintenance etc s
  11. RET


    Yes the numbers do appear to support what you say (although of course it's difficult to compare properties without looking at how smart/extended they are etc). On that road ourproperty says that the sales since 2004 are: 10 May 2005 62 Cornwallis Road, Oxford, Oxfordshire OX4 3NL Semi-Detached £209,500 30 Mar 2005 61 Cornwallis Road, Oxford, Oxfordshire OX4 3NN Semi-Detached £202,500 22 Nov 2004 23 Cornwallis Road, Oxford, Oxfordshire OX4 3NP Semi-Detached £187,000 28 Oct 2004 90 Cornwallis Road, Oxford, Oxfordshire OX4 3NL Terraced £210,000 15 Sep 2004 80 Cornwalli
  12. Thanks that clears some of those questions up. Something that you will have to consider is whether you want to complete the deal (assuming that they can 'un-do' the deal between M and N) or simply want your money back (with any additional expenses). If it is simply the latter then you need to consider whether or not you can sue N under the contract. The key questions for this action are (1) does N have any money to meet any claims and (2) how strong is your position under the contract: what precisely do N agree to do and on what terms do they hold your deposit? If, as I suspect might be the
  13. I am a lawyer, although not a specialist land lawyer. There are a couple of aspects of your post that confuse me. It seems to me that N's decision to sell the land back to M does not mean that the contract is void, but that N is in breach of contract (although of course this depends on the contract). Clearly it is now impossible for N to complete their side of the contract but this is because N has taken action that makes this impossible. Does the contract say anything about this eventuality? Has your lawyer explained why this is an issue of the contract being void rather than N being in bre
  14. Oxfordite, I in no way meant to imply that your friend was gready. As I said, all property has gone up in that time and he needs to keep up with the market. However, the market has now dropped and with hindsight it is clear that it had already started to drop at the point when he put it on. For that reason I think it is probably best if he forgets that he ever put it on above its current price and he should try not to think 'I've already cut it by £Xk I'm not taking any further offers' (if that is how he does think - many many people do) and should just feel that it was a mistake to advertise
  15. Ah, it's 5 Egerton Road. If I went to look at this property I would come straight back home and check it out on ourproperty.co.uk where I would discover that if was bought for £182K in Dec 2001. I realise that all property has gone up in that time and that your friend needs to keep up with the market to buy the next place. However, seeing the figure in black and white is like a cold shower. Originally he wsa trying to get £325K after 3yrs of ownership. That's almost £50K for every year that he has lived there. Now it's dropped to almost £25K a year but I don't want to pay him that kind of
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